Property archives may be open for the public for research purpose but there are a number of things that you should know before visiting these places. Here is a list of do’s and don’ts while visiting a public records office or any property archives.
Security check in: Not everyone is allowed to visit a public records office, in fact some places allow only people who have a valid government issued Id to avail registration and get a research card. This can be anything from your driver’s license to passports issued by recognized government’s. The registration is essential for security purposes and accesses to government records, which are open for public research purposes.
Use of camera’s, cellphones and other devices: The guidelines issued for use of cameras in an archives offices will again differ for different counties and district offices and the researcher is responsible for compliances as per the state guidelines. Cellphones are generally permitted on silent or vibrate mode only, so as to not disturb fellow researchers. Use of laptops or other devices will again depend on the type of research and guidelines issued by the archives.
Copies and reproductions: Since the information stored in public archives are as the name suggests, for public research purpose, copies can be made for a price which is decided by the archive. The cost might be a nominal per page copy charge, which is to be paid later. For example archives may charge a mere twenty or thirty cents for making any copies from books, microfilms, other relevant documents which are needed for your research purposes. Photocopies and any other reproductions apart for the above mentioned are generally governed by the copyright laws of the county for any reserved or copyrighted material or resources.
Publishing archived material: There is a difference between making copies of information and making copies for the purpose of publishing. Most archives request researcher to send a letter of intent to publish archives material on the internet or through any other medium for that matter. Permission has to be obtained prior to any publication.
Registration: As mentioned earlier, registration is open for people from a certain age group who want to access public records for research purposes. The particulars of said registration will again depend on parameters like validity of the registration, eligibility criteria and more. This will also differ from county to county and public records offices. These particulars can be obtained from the official websites of these offices.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.